短贷长投、信息披露质量与企业创新绩效——基于创业板上市公司经验数据

Short-term loan and long-term investment,information disclosure quality and enterprise innovation performance:based on empirical data of listed companies on the ChiNext board

以2010—2019年创业板上市公司财务数据为样本,研究短贷长投、信息披露质量与企业创新绩效之间的关系,结果表明:短贷长投降低了企业创新绩效,信息披露质量的提升与企业创新绩效呈正相关。当企业存在短贷长投行为时,高质量信息披露可以通过降低信息不对称程度、扩大企业融资渠道、减少企业债务等途径,缓解短贷长投对企业创新绩效产生的负面影响。相较于国有企业和东部地区企业,非国有企业和非东部地区企业信息披露质量的提高对短贷长投与创新绩效的调节作用会更明显。

Based on the financial data of GEM-listed companies from 2010 to 2019,this paper studies the relationship between a short-term loan and long-term investment,information disclosure quality,and enterprise innovation performance.The results show that short-term loans and long-term investment have a negative correlation with enterprise innovation performance,and information disclosure quality has a positive correlation with enterprise innovation performance.Moreover,when enterprises have a short-term loan and long-term investment behavior,high-quality information disclosure can alleviate the negative impact of short-term loans and long-term investment on enterprise innovation performance by reducing the degree of information asymmetry,expanding enterprise financing channels,and reducing enterprise debt risk.Compared with state-owned enterprises and enterprises in the eastern region,the improvement of information disclosure quality in non-state-owned enterprises and enterprises in the eastern region has a more obvious moderating effect on short-term lending,long-term investment and innovation performance.